credit Card legal procedure

Better to go for settlement for full & final. 

As per your query it is understood that you need information regarding the credit card debt.

Any Person caught in this trap cannot shift his liability hence the appropriate way is that the individual shall defend himself with a reason that why he could not pay his EMIs on time. The reason could be anything; he might have lost his job, an emergency would have arisen which consumed all the savings, expenses on education could have been huge or some other urgent requirement. The person can choose any of the following options:

Defer the payments: An EMI holiday for a few months by informing the bank about the inability to pay. A situation of this nature can occur during a job change or a temporary loss of business or employment. Banks can accept these as genuine reasons but may impose penalties for the deferment.

Reducing your EMI: If you are struggling with the EMI amount, consider having the monthly EMI reduced. You can approach the lending institution and request them to increase your loan tenure. This would reduce your monthly EMI amount though you may end up paying a higher amount in interest. Once your financial situation is sturdier, you should try to increase the EMI amount again.

Restructuring the loan: If a borrower is unable to maintain the terms and conditions of his loan, he can request the lender to relax the same. This may lead to a reduction of charges, lowering of interest rate, lengthening of the loan tenure, a moratorium on interest, etc.

Refinancing your loan: If your problem is one where the EMI is too high, due to either an increase in overall interest rates or any other matter personal to you that reduces your bank balance or a combination of these factors and others, then what the bank will do is restructure your loan.

 Example: If you are currently paying Rs. 5,000 per month for N years and this is too high; the bank might offer you an EMI lesser than Rs. 5,000 per month, for a little more than N years. So your EMI goes down, giving you some breathing room but the payments you now make will eventually cost you more regarding total money repaid.

 Minimum Amount Due (MAD)

An alternate method which a person can adopt is Minimum Amount Due in this the person has to pay the minimum amount to the bank/credit card company by the deadline this is done to keep the account regular and avoid payment of any late payment fees.

Payment of minimum amount due ensures that you get away with paying only the interest. This is done so that the bank does not report the account as irregular to the credit bureaus. If your credit card account is reported irregular, your credit history will be adversely affected. This can be a problem if you are planning to take a loan shortly.

Try and settle the matter it would be convenient for both the bank and you. 

Hope it helps!

Regards,

Anusha Singh

Even in your broken ENglish you hve convyed facts :-

1. You have a credit card due.
2. you have not paid for the same.
3. you are not disputing your liability.
4. you are being pressed for payment.
5. you are being visited.
6. you are being threatened with legal action.

There is nothing illegal on their part unless they send goons to your place.

You have no recourse but to pay.

please state your profession for more views.